MONEY MATTERS: How to teach your children budgeting at a young age

MONEY MATTERS: How to teach your children to be financially educated and learn budgeting at a young age
Updated: Apr. 20, 2021 at 2:20 PM EDT
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COLUMBIA, S.C. (WIS) - When should you begin teaching your children about budgeting and financial literacy?

Josh Bradley of Capital City Financial Partners says the sooner the better. However, your actions speak louder than words, Bradley says. Kids will likely learn more about money by simply observing their parents behavior and habits regarding money.

Here are a few helpful tips:

  • Saving money is a habit that parents can teach children at a young age
  • Help kids understand their wants vs. their needs
  • Let kids earn their own money to learn the concept of a dollar.
  • Have your kids set savings goals so they can learn responsibility at a young age, and hopefully continue that pattern for the rest of their lives.
  • Provide a place to save like a piggy bank or real bank account
  • Have your kids track their spending
  • Offer savings incentives

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